SCHEDULE: FIL Limited Discloses 5.6% Stake in Zhihu Inc.

FIL Limited and its affiliates have disclosed a 5.6% beneficial ownership stake in Zhihu Inc.'s Class A Common Stock as of September 30, 2025.

Summary

• FIL Limited, along with Pandanus Partners, L.P. and Pandanus Associates, Inc., reported beneficial ownership of 13,888,269 shares of Zhihu Inc.'s Class A Common Stock.
• This aggregate ownership represents 5.6% of the total outstanding Class A Common Stock.
• The filing date for this disclosure was November 4, 2025, reflecting ownership as of September 30, 2025.
• FIL Limited holds sole voting power over 13,607,298 shares and sole dispositive power over all 13,888,269 shares.
• Fidelity China Special Situations PLC is known to have an interest in 12,901,492 shares, or 5.2% of the class, as of the event date.

Sentiment

Score: 7

Explanation: The disclosure of a 5.6% beneficial ownership by FIL Limited, a prominent global asset manager, suggests a vote of confidence in Zhihu Inc. from a major institutional investor. The statement that the shares were acquired in the ordinary course of business and not for control purposes further supports a positive, long-term investment perspective.

Positives

• A significant institutional investor, FIL Limited, has disclosed a substantial stake, potentially signaling confidence in Zhihu Inc.
• The acquisition of shares was stated to be in the ordinary course of business, not for control purposes.

Future Outlook

This filing does not contain future outlook or guidance from the issuer.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

The disclosure of a significant stake by a major global asset manager like FIL Limited in a Chinese internet content platform like Zhihu Inc. could be viewed positively, especially given the evolving regulatory and market landscape for Chinese tech companies. It suggests continued institutional interest in the sector.

Related Party Transactions

• Pandanus Partners, L.P., which is owned by trusts for the benefit of members of the Johnson family (including FIL's Chairman Abigail P. Johnson), owns between 25% and 48.5% of the total voting stock of FIL Limited. Pandanus Associates, Inc. acts as the general partner of Pandanus Partners, L.P. This establishes a significant related party relationship between the reporting entities.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may increase investor confidence and potentially attract further institutional interest, which could positively influence share price.
• Management: The filing indicates that the stake is not for control purposes, suggesting a passive investment, which may reassure current management.

Key Dates

Recommendation

The disclosure of a significant institutional stake by FIL Limited is a positive signal, indicating confidence from a major investor. However, a Schedule 13G filing primarily reports ownership and does not provide new financial performance data or strategic updates from Zhihu Inc. that would warrant a 'buy' or 'sell' recommendation based solely on this document. It confirms institutional interest, which supports a 'hold' position for existing investors, while new investors might consider it a positive data point for further due diligence.

Keywords

Zhihu Inc., FIL Limited, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Investor, Fidelity China Special Situations PLC, G989MJ101